Partner R&D Tax Credits
You may think you cannot claim partner R&D tax credits. After all, Limited Liability Partnerships (LLP) are not subject to corporation tax. R&D tax credits are a form of corporation tax relief, so LLPs cannot usually caim this.However, it is not as simple as that.Partnerships can qualify for R&D tax credits in a couple of ways.If the LLP has a corporate partner, that partner will be subject to corporation tax on the profits from the partnership. You may then be able to claim partner R&D tax credits, based on the share and the R&D activities carried out by the partnership.If the partnership is registered as a SME, rather than an LLP, it can also benefit from R&D tax credits, as long as:
- The company is subject to corporation tax
- The company meets the SME threshold for headcount and turnover
- The company carries out R&D
- Money has been spent on R&D
- The company hasn’t received any grants or subsidies connected to this
Can I claim partner R&D tax credits?
As long as you meet the criteria outlined above, then you should be eligible to claim partner R&D tax credits.
This can be used to fund many of the expenses connected to developing new products or processes - or improving existing ones, such as:
- Staff costs
- Software costs
R&D tax credits can take the form of direct cash payments, or a reduction in corporation tax. Either way, it frees up vital funds which can be invested in further R&D, allowing your company to continue to innovate and develop.
At RandD Tax, we have an experienced team of tax consultants, who will be able to guide you through the claims process.
We offer a FREE ASSESSMENT, which will identify if you can make a claim, what scheme you should claim under and how much you can expect to benefit from.
We operate on a no win, no fee basis so there is no risk to making a claim through RandD Tax.
How to claim partner R&D tax credits
At RandD Tax, we understand how complex claiming partner R&D tax credits can be.
However, our team of experienced tax consultants will be able to handle the whole process for you. We have the knowledge and experience to process your claim quickly, ensuring that you get the R&D tax credits you are entitled to.
Contact RandD Tax today to find out more.
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